Chinese smart car supplier Banma raises $460 million from Alibaba, SAIC Motor, others

BEIJING - Chinese smart car supplier Banma said on Wednesday that it has raised 3 billion yuan ($463 million) from existing investors including Alibaba, SAIC Motor and others.

Banma, which is developing in-car software, did not disclose its valuation after the investment.

Apart from Banma, Alibaba and SAIC Motor are working on a new electric vehicle brand called IM.

($1 = 6.4744 Chinese yuan renminbi)